An estimated 80 percent of Americans will see a tax increase next year if Congress doesn\'t act to avoid the so-called fiscal cliff, a combination of forced spending cuts and expiring tax cuts. Jill Schlesinger explains.

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What is the "fiscal cliff?"

2:52 min

An estimated 80 percent of Americans will see a tax increase next year if Congress doesn't act to avoid the so-called fiscal cliff, a combination of forced spending cuts and expiring tax cuts. Jill Schlesinger explains.